Exhibit 99.1

Waitr Holdings Reports Record Fourth Quarter and Full Year 2018 Financial Results

Provides Outlook for Full Year 2019  

LAKE CHARLES, LA, March 7, 2019 —Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr”), a fast-growing

restaurant platform for online ordering and on-demand food delivery, today reported financial results for its fourth quarter and full year ended December 31, 2018.

"We experienced a year of remarkable growth and operational development in 2018,” said Chris Meaux, founder and Chief Executive Officer of Waitr. “We successfully became a public company through our business combination with Landcadia, secured $85 million in private capital from a valued partner, organically expanded our footprint and most recently completed the acquisition of Bite Squad, an online food ordering and delivery service based in Minnesota. In addition, we added valuable leadership experience to our team, expanded our technology platform into new underserved markets throughout the United States and increased our depth of penetration in our existing markets.”

Fourth Quarter 2018 Financial Highlights Compared to Fourth Quarter 2017

 

Revenue for the fourth quarter of 2018 increased 148% to $21.3 million compared to $8.6 million in the fourth quarter of 2017.

 

Gross Food Sales1 for the fourth quarter of 2018 increased 113% to $83.4 million compared to $39.2 million in the fourth quarter of 2017.

 

Net loss for the fourth quarter of 2018 was $17.0 million, or $0.52 per diluted share, compared to a loss of $15.5 million, or $1.55 per diluted share, in the fourth quarter of 2017.

 

Adjusted EBITDA2 for the fourth quarter of 2018 was $(6.4) million compared to $(3.9) million in the fourth quarter of 2017.

Full Year 2018 Financial Highlights Compared to Full Year 2017

 

Revenue for 2018 increased 202% to $69.3 million compared to $22.9 million in 2017.

 

Gross Food Sales1 for 2018 increased 130% to $278.8 million compared to $121.1 million in 2017.

 

Net loss for 2018 was $34.3 million, or $2.18 per diluted share, compared to a loss of $26.9 million, or $2.69 per diluted share, in 2017.

 

Adjusted EBITDA2 for 2018 was $(13.2) million compared to $(13.4) million in 2017.

Recent Developments

On January 17, 2019, the Company completed the acquisition of Bite Squad, an online restaurant food delivery service, which operates a three-sided marketplace consistent with Waitr’s business model. This acquisition expanded Waitr’s scale and footprint across the United States to more than 600 cities. The aggregate consideration for the Bite Squad Merger consisted of $192.9 million payable in cash (subject to adjustments) and 10,591,968 shares of the Company’s common stock.

Fourth quarter and full year 2018 financial highlights for Bite Squad are as follows:

 

Revenue for the three months and year ended December 31, 2018 totaled $24.8 million and $83.4 million, respectively.

 

Gross Food Sales1 for the three months and year ended December 31, 2018 totaled $74.1 million and $255.0 million, respectively.

On February 25, 2019, the Company completed the exchange of 24,769,192 public warrants (or 99.1% of the total number of public warrants) for an aggregate of 4,458,438 shares of common stock, and the Company expects to

 

1 

Gross Food Sales represents food and beverage receipts, plus taxes, prepaid gratuities and diner fees.

2 

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of GAAP net loss to Adjusted EBITDA is included in the accompanying financial data. See also “Non-GAAP Financial Measure,” included herein.


The following information was filed by Waitr Holdings Inc. (WTRH) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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